NEEDHAM HEIGHTS, Mass. -- Meditrust announced an increase in its unsecured revolving credit facility to $177 million with a consortium of nine banks, including Fleet Bank and First Union National Bank as co-agents.
The three-year facility provides for interest at prime or at the London interbank offered rate plus 1.25 points.
Meditrust, a real estate investment trust with health care-related holdings in 33 states, plans to use its credit initially to finance property acquisitions and first mortgage loans, until they are replaced with long-term debt or equity financing, said David F. Benson, president.
